18th Mar 2021 17:14
Canadian Overseas Petroleum Ltd - oil and gas company focused on Sub-Saharan Africa - Plans to accelerate oil production following Atomic Oil and Gas LLC whose assets are located in the Powder River Basin in Converse County, Wyoming, US. Says oil production will peak in the fourth quarter of 2021. Says a total of 20 additional production and injection wells are planned to be drilled in 2022 and 2023 to balance the oil recovery from the field and maintain high production levels.
"The acquisition of Atomic and its affiliate companies represents a game changing acquisition for [Canadian Overseas Petroleum]. We now have a strong balance sheet, secure cash flow and are now well placed to deliver increased production and enhanced revenues, profitability and shareholder value - underpinned by increases in the oil price and quality of our new assets. We look to the future with renewed confidence," says Chief Executive Arthur Millholland.
Current stock price: 0.38 pence
Year-to-date change: up 58%
By Greg Roxburgh; [email protected]
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